Fulgent Genetics, Inc.

FLGT · Services-Medical Laboratories · 28.4M shares · +12%/yr ↑ dilution · EDGAR filings ↗

Net buyback after stock comp: -$18M (gross $25M, SBC $43M)

Reference price $17.89 · est. market cap ~$508M — last insider sale, 2026-06-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

D46

Genetic-testing company (post-COVID normalization) with operating losses, cash-rich.

Strengths

Cash-rich — current ratio 6.5 (69th)

Risks

Operating/net losses — operating margin -28%, net margin -19%
Cash burn — FCF -$124M
Post-COVID-revenue normalization — per 10-K

Notable findings

Chronic dilutionShare count +12%/yr over 4y (dilution, book value/share -40%)
Cash burnNegative free cash flow (-124.2M)
Customer concentration~22% of revenue from one customer/distributor — 8 million or 22% of our total revenue during the year ended December 31, 2025
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Exec changeRecent 8-K item 5.02 8-K ↗
Net lossNet loss (net margin -18.8%)
Strong balance sheetStrong balance sheet — $705M cash & investments, ~23 quarters of runway
Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Revenue declineRevenue -14.6% YoY

Quarterly revenue

2025-06-30 · $82M2025-09-30 · $84M2025-12-31 · $83M2026-03-31 · $71M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

40.6%

Operating margin

-28.2%

Net margin

-18.8%

Return on equity

-5.4%

Return on assets

-5.0%

Revenue growth (QoQ)

-14.6%

Current ratio

6.5×

Free cash flow

-$124M

EBITDA

-$67M

Tangible book value

$954M

Cash & investments

$705M

Cash runway

23q

Stock comp / revenue

12.3%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-02	Xie Jian	Sell	2.1K	$17.89
2026-06-02	Gao Hanlin	Sell	1.7K	$17.89
2026-06-01	Hsieh Ming	Tax withheld	4.4K	$18.09
2026-06-01	Kim Paul	Tax withheld	2.1K	$18.09
2026-05-27	Xie Jian	Sell	1.2K	$17.60
2026-05-27	Gao Hanlin	Sell	945	$17.60
2026-05-26	Kim Paul	Tax withheld	1.2K	$17.67
2026-05-26	Hsieh Ming	Tax withheld	2.9K	$17.67
2026-05-14	Nohaile Michael	Grant	5.6K	—
2026-05-14	Dong Linda	Grant	11K	—
2026-05-14	GROVES REGINA E	Grant	11K	—
2026-04-26	Xie Jian	Tax withheld	4.4K	$16.31
2026-04-26	Gao Hanlin	Tax withheld	1.6K	$16.31
2026-04-26	Kim Paul	Tax withheld	2.7K	$16.31
2026-03-01	Kim Paul	Tax withheld	8.3K	$15.33
2026-03-01	Xie Jian	Tax withheld	1.1K	$15.33
2026-03-01	Xie Jian	Tax withheld	8.1K	$15.33
2026-03-01	Gao Hanlin	Tax withheld	1.0K	$15.33
2026-03-01	Gao Hanlin	Tax withheld	6.4K	$15.33
2026-03-01	Hsieh Ming	Tax withheld	18K	$15.33
2026-03-01	Kim Paul	Tax withheld	1.1K	$15.33
2026-02-26	Gao Hanlin	Tax withheld	897	$24.76
2026-02-26	Xie Jian	Tax withheld	1.1K	$24.76
2026-02-26	Kim Paul	Tax withheld	1.2K	$24.76
2026-02-26	Hsieh Ming	Tax withheld	2.9K	$24.76
2026-02-24	Gao Hanlin	Tax withheld	8.1K	$23.09
2026-02-24	Kim Paul	Grant	5.7K	—
2026-02-24	Kim Paul	Grant	15K	—
2026-02-24	Kim Paul	Grant	27K	—
2026-02-24	Kim Paul	Tax withheld	3.2K	$23.09
2026-02-24	Kim Paul	Tax withheld	8.5K	$23.09
2026-02-24	Kim Paul	Tax withheld	15K	$23.09
2026-02-24	Kim Paul	Grant	31K	—
2026-02-24	Xie Jian	Grant	5.9K	—
2026-02-24	Xie Jian	Grant	15K	—
2026-02-24	Xie Jian	Grant	27K	—
2026-02-24	Xie Jian	Tax withheld	3.2K	$23.09
2026-02-24	Xie Jian	Tax withheld	8.3K	$23.09
2026-02-24	Xie Jian	Tax withheld	15K	$23.09
2026-02-24	Xie Jian	Grant	32K	—
2026-02-24	Gao Hanlin	Grant	4.9K	—
2026-02-24	Gao Hanlin	Grant	13K	—
2026-02-24	Gao Hanlin	Grant	23K	—
2026-02-24	Gao Hanlin	Tax withheld	2.5K	$23.09
2026-02-24	Gao Hanlin	Tax withheld	4.7K	$23.09
2026-02-24	Gao Hanlin	Grant	27K	—
2026-02-24	Hsieh Ming	Grant	19K	—
2026-02-24	Hsieh Ming	Grant	40K	—
2026-02-24	Hsieh Ming	Grant	59K	—
2026-02-24	Hsieh Ming	Tax withheld	10K	$23.09
2026-02-24	Hsieh Ming	Tax withheld	21K	$23.09
2026-02-24	Hsieh Ming	Tax withheld	32K	$23.09
2026-02-24	Hsieh Ming	Grant	69K	—
2026-02-23	Xie Jian	Tax withheld	655	$23.01
2026-02-23	Kim Paul	Tax withheld	661	$23.01
2026-02-23	Gao Hanlin	Tax withheld	403	$23.01
2026-02-23	Hsieh Ming	Tax withheld	2.2K	$23.01
2026-01-26	Xie Jian	Tax withheld	4.7K	$27.53
2026-01-26	Gao Hanlin	Tax withheld	1.3K	$27.53
2026-01-26	Kim Paul	Tax withheld	3.0K	$27.53
2025-12-02	Xie Jian	Sell	1.1K	$28.33
2025-12-02	Gao Hanlin	Sell	1.1K	$28.33
2025-12-01	Kim Paul	Tax withheld	1.1K	$28.52
2025-11-28	Gao Hanlin	Sell	943	$29.57
2025-11-28	Xie Jian	Sell	1.2K	$29.57
2025-11-26	Kim Paul	Tax withheld	1.2K	$30.15
2025-11-26	Hsieh Ming	Tax withheld	2.9K	$30.15
2025-11-24	Gao Hanlin	Sell	535	$30.47
2025-11-24	Xie Jian	Sell	681	$30.47
2025-11-23	Kim Paul	Tax withheld	671	$30.00
2025-11-23	Hsieh Ming	Tax withheld	2.1K	$30.00
2025-11-19	Xie Jian	Sell	10K	$29.10
2025-11-19	Xie Jian	Gift	10K	—
2025-10-26	Kim Paul	Tax withheld	2.7K	$23.74
2025-10-26	Gao Hanlin	Tax withheld	1.6K	$23.74
2025-10-26	Xie Jian	Tax withheld	4.4K	$23.74
2025-09-03	Gao Hanlin	Sell	1.1K	$22.03
2025-09-03	Xie Jian	Sell	1.1K	$22.03
2025-09-01	Kim Paul	Tax withheld	1.1K	$22.17
2025-08-27	Xie Jian	Sell	1.2K	$21.48
2025-08-27	Gao Hanlin	Sell	943	$21.48
2025-08-26	Hsieh Ming	Tax withheld	2.9K	$21.47
2025-08-26	Kim Paul	Tax withheld	1.2K	$21.47
2025-08-25	Xie Jian	Sell	696	$21.50
2025-08-25	Gao Hanlin	Sell	548	$21.50
2025-08-23	Kim Paul	Tax withheld	670	$21.77
2025-08-23	Hsieh Ming	Tax withheld	2.1K	$21.77
2025-08-01	Hsieh Ming	Tax withheld	1.3K	$18.53
2025-07-26	Kim Paul	Tax withheld	2.7K	$18.37
2025-07-26	Xie Jian	Tax withheld	4.4K	$18.37
2025-07-26	Gao Hanlin	Tax withheld	1.6K	$18.37
2025-06-02	Gao Hanlin	Sell	754	$20.29
2025-06-02	Xie Jian	Sell	1.1K	$20.29
2025-06-01	Kim Paul	Tax withheld	1.1K	$20.72
2025-05-27	Xie Jian	Sell	690	$20.58
2025-05-27	Xie Jian	Sell	1.2K	$20.52
2025-05-27	Gao Hanlin	Sell	383	$20.58
2025-05-27	Gao Hanlin	Sell	656	$20.52
2025-05-26	Kim Paul	Tax withheld	1.2K	$20.31
2025-05-26	Hsieh Ming	Tax withheld	2.9K	$20.31
2025-05-23	Hsieh Ming	Tax withheld	2.1K	$20.31
2025-05-23	Kim Paul	Tax withheld	671	$20.31
2025-05-15	Marsh Linda	Grant	9.0K	—
2025-05-15	Nohaile Michael	Grant	4.5K	—
2025-05-15	GROVES REGINA E	Grant	9.0K	—
2025-05-01	Hsieh Ming	Tax withheld	1.3K	$17.25
2025-04-30	Gao Hanlin	Tax withheld	79	$17.35
2025-04-26	Xie Jian	Tax withheld	4.4K	$18.88
2025-04-26	Kim Paul	Tax withheld	2.7K	$18.88
2025-04-26	Gao Hanlin	Tax withheld	1.2K	$18.88
2025-03-05	Kim Paul	Buy	100K	$15.96
2025-03-01	Gao Hanlin	Tax withheld	985	$15.45
2025-03-01	Xie Jian	Tax withheld	1.5K	$15.45
2025-03-01	Kim Paul	Tax withheld	1.6K	$15.45
2025-02-26	Gao Hanlin	Tax withheld	2.5K	$16.24
2025-02-26	Kim Paul	Tax withheld	4.7K	$16.24
2025-02-26	Hsieh Ming	Tax withheld	12K	$16.24
2025-02-26	Xie Jian	Tax withheld	4.6K	$16.24
2025-02-25	Kim Paul	Grant	14K	—
2025-02-25	Kim Paul	Tax withheld	1.9K	$16.29
2025-02-25	Kim Paul	Tax withheld	3.0K	$16.29
2025-02-25	Kim Paul	Tax withheld	8.2K	$16.29
2025-02-25	Kim Paul	Grant	44K	—
2025-02-25	Gao Hanlin	Grant	3.4K	—
2025-02-25	Gao Hanlin	Grant	4.6K	—
2025-02-25	Gao Hanlin	Grant	12K	—
2025-02-25	Gao Hanlin	Tax withheld	1.2K	$16.29
2025-02-25	Gao Hanlin	Tax withheld	1.6K	$16.29
2025-02-25	Gao Hanlin	Tax withheld	4.6K	$16.29
2025-02-25	Gao Hanlin	Grant	38K	—
2025-02-25	Xie Jian	Grant	3.4K	—
2025-02-25	Xie Jian	Grant	5.5K	—
2025-02-25	Xie Jian	Grant	14K	—
2025-02-25	Xie Jian	Tax withheld	1.8K	$16.29
2025-02-25	Xie Jian	Grant	45K	—
2025-02-25	Hsieh Ming	Grant	11K	—
2025-02-25	Hsieh Ming	Grant	18K	—
2025-02-25	Hsieh Ming	Grant	37K	—
2025-02-25	Hsieh Ming	Tax withheld	6.0K	$16.29
2025-02-25	Hsieh Ming	Tax withheld	9.5K	$16.29
2025-02-25	Hsieh Ming	Tax withheld	20K	$16.29
2025-02-25	Hsieh Ming	Grant	98K	—
2025-02-25	Xie Jian	Tax withheld	3.0K	$16.29
2025-02-25	Kim Paul	Grant	3.4K	—
2025-02-25	Kim Paul	Grant	5.3K	—
2025-02-25	Xie Jian	Tax withheld	8.0K	$16.29
2025-02-23	Xie Jian	Tax withheld	719	$16.46
2025-02-23	Hsieh Ming	Tax withheld	2.3K	$16.46
2025-02-23	Gao Hanlin	Tax withheld	417	$16.46
2025-02-23	Kim Paul	Tax withheld	733	$16.46
2025-02-01	Hsieh Ming	Tax withheld	1.5K	$16.64
2025-01-30	Gao Hanlin	Tax withheld	90	$17.00
2025-01-26	Kim Paul	Tax withheld	3.0K	$17.21
2025-01-26	Gao Hanlin	Tax withheld	1.3K	$17.21
2025-01-26	Xie Jian	Tax withheld	4.7K	$17.21

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-06-02	OtherExhibits	filing ↗
2026-05-21	OtherExhibits	filing ↗
2026-05-14	Exec/director changeShareholder voteExhibits	filing ↗
2026-05-01	ResultsReg FDExhibits	filing ↗
2026-03-17	Material agreementAcquisition/dispositionReg FDExhibits	filing ↗
2026-02-27	ResultsReg FDExhibits	filing ↗
2025-12-22	Material agreementOtherExhibits	filing ↗
2025-11-07	ResultsReg FDExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-02	2026-06-01	0001674930-26-000028 ↗
8-K	2026-05-21	2026-05-21	0001674930-26-000025 ↗
8-K	2026-05-14	2026-05-14	0001193125-26-224147 ↗
10-Q	2026-05-01	2026-03-31	0001193125-26-199065 ↗
8-K	2026-05-01	2026-05-01	0001193125-26-199061 ↗
8-K	2026-03-17	2026-03-17	0001674930-26-000012 ↗
10-K	2026-02-27	2025-12-31	0001193125-26-079169 ↗
8-K	2026-02-27	2026-02-27	0001193125-26-079152 ↗
8-K	2025-12-22	2025-12-20	0001193125-25-328747 ↗
8-K	2025-11-07	2025-11-07	0001193125-25-271006 ↗
10-Q	2025-11-07	2025-09-30	0001193125-25-271013 ↗
8-K	2025-10-20	2025-10-20	0001193125-25-242917 ↗